Connect with us


Polygon: Re-org causes brief outage, was MATIC affected?



Polygon: Re-org causes brief outage, was MATIC affected?
Source: Unsplash

  • Polygon scan stopped adding new blocks for over one hour on February 22.
  • MATIC did not, however, show any signs of impact as on-chain metrics look normal.

A Polygon [MATIC] re-org on 22 February caused some rumors to circulate about the blockchain. According to speculations, there was an outage because data from PolygonScan showed that the blockchain had not generated new blocks or processed transactions for over an hour and a half.

Read Polygon (MATIC) Price Prediction 2023- 24

However, co-founder Sandeep Nailwal, via a tweet, advised users to utilize a different network to conduct transactions. So, what was the hubbub about the Polygon blockchain, and did it have any effect on MATIC?

The root cause of the interruptions 

An “unusually big” block reorganization occurred two minutes before Polygon reported its nodes became out of sync, suggesting that this was the root cause of the network’s problems.

A “fork” in the chain occurs when network operators publish two blocks simultaneously, leading to competing versions of the chain’s permanent record. To settle the dispute, the network does a block reorganization, which discards one entry in favor of the one it has determined to be the “canonical” one.

A look at the PloygonScan as of this writing revealed that it was back up and operating, with blocks generated rapidly reflecting.

Transaction volume and active address are normal

According to the volume of transactions on Santiment, there was no discernible effect of the downtime on Polygon. The transaction volume was approximately 24.8 million as of the time of writing, with no noticeable fall.

The volume recorded on 22 February was over 31 million, which was similar to the volume recorded the previous days.

Polygon transaction volume

Source: Santiment

Also, a look at Polygon’s seven-day active address revealed no appreciable change in activity. About 800,000 addresses were active on the network on 22 February, according to a check of the active addresses for that day. 

Polygon (MATIC) active address

Source: Santiment

MATIC on a daily timeframe

As of this writing, Polygon (MATIC) was down over 2% in price and was trading at about $1.3. However, it’s interesting to note that the asset recorded a gain of 0.65% during the preceding trading session, the day of the outage. 

How much are 1,10,100 MATICs worth today?

Moreover, the Relative Strength Indicator indicated that the bull trend had not changed. On a daily timescale, the RSI line was over 55, showing a reasonably robust bull trend for Polygon. 

MATIC price movement

Source: TradingView

The brief downtime that the Polygonscan experienced had no detrimental effects, according to the metrics and price movement noticed for MATIC. At this writing, the network was back up, and the on-chain measurements have shown regular activity.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.